T1IK WKALTII OF NATIONS.

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circulating capital, tliercfore, withdraws no portion of theannual produce from the neat revenue of the society, besideswhat is necessary for maintaining the fixed capital.

The circulating capital of a society is in this respect dif-ferent from that of an individual. That of an individual istotally excluded from making any part of his neat revenue,which must consist altogether in his profits. But though thecirculating capital of every individual makes a part of that ofthe society to which he belongs, it is not upon that accounttotally excluded from making a part likewise of their neat re-venue. Though the whole goods in a merchant’s shop mustby no means be placed in his own stock reserved for imme-diate consumption, they may, in that of other people, who,from a revenue derived from other funds, may regularly re-place their value to him, together with its profits, without oc-casioning any diminution either of his capital or of theirs.

Money, therefore, is the only part of the circulating capitalof a society, of which the maintenance can occasion any di-minution in their neat revenue.

The fixed capital, and that part of the circulating capitalwhich consists in money, so far as they affect the revenue ofthe society, bear a very great resemblance to one another.

First, as those machines and instruments of trade, &c. re-quire a certain expense, first to erect them, and afterward tosupport them, both which expenses, though they make a partof the gross, are deductions from the neat revenue of the so-ciety; so the stock of money which circulates in any countrymust require a certain expense, first to collect it, and after-ward to support it, both which expenses, though they makea part of the gross, are, in the same, manner, deductions fromthe neat revenue of the society. A certain quantity of veryvaluable materials, gold and silver, and of very curious labour,instead of augmenting the stock reserved for immediate con-sumption, the subsistence, conveniencies, and amusementsof individuals, is employed in supporting that great but ex-pensive instrument of commerce, by means of which everyindividual in the society has his subsistence, conveniencies,and amusements, regularly distributed to him in their properproportion.

Secondly, as the machines and instruments of trade, &c.which compose the fixed capital either of an individual or ofa society, make no part either of the gross or of the neat re-venue of either; so money, by means of which the whole re-